And he's going to have to hit the ground running. Trump has already asked governmental departments to review and scale back regulations, including two Obama-era labor rules that haven't gone into effect yet.

One rule would double the amount of income someone can earn before they're no longer eligible for overtime pay. That rule would increase the threshold from $23,600 earned per year to $47,500 earned per year. The other rule says that brokers working with retirees need to put their clients' interests first.

Acosta wasn't Trump's first pick for labor secretary. The president originally nominated former fast food executive Andrew Puzder, but Puzder withdrew himself from consideration back in February.